Harvard Law School professor Einer Elhauge on his new paper on horizontal shareholding, which provides new empirical evidence that even when horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has anticompetitive effects.

In recent decades, antitrust policy has all but ignored the issue of monopsony power. Yet a new paper shows that across the US economy, labor markets are highly concentrated and that this concentration is also correlated to lower wages, suggesting that employers are indeed exercising monopsony power and driving down pay.

The former governor of the Reserve Bank of India discussed the “concentrated and devastating” impact that technology and trade had on blue-collar communities, the anger toward “totally discredited” elites following the 2008 financial crisis, and the subsequent rise of populist nationalism during a keynote address at the Stigler Center’s conference on the political economy of finance.

A new paper argues that the decline of the labor and capital shares, as well as the decline in low-skilled wages and other economic trends, have been aided by a significant increase in markups and market power.

The failure of Enron and subsequent demise of Arthur Andersen led to significant changes for public reporting and auditing but not much change in the concentration of audit market power among the remaining Big Four global firms: Deloitte, Ernst & Young, KPMG, and PwC.

Neoclassical economic theory assumes that firms have no power to influence the rules of the game. A new paper by Luigi Zingales argues: This is true only in competitive product markets. When firms have market power, they will seek and obtain political influence and vice versa.